UPDATE: BMO Capital Markets Reiterates Underperform Rating, Raises PT on Legg Mason Following New York Investor Lunch

In a report published Thursday, BMO Capital Markets analyst David J. Chiaverini reiterated an Underperform rating on Legg Mason LM, and raised the price target from $34.00 to $35.00. In the report, BMO Capital Markets noted, “We attended Legg Mason's investor lunch in New York yesterday and came away encouraged that the company has a plan to address its challenges; however, the key will be executing that plan in the face of a market environment that we expect to change in ways that may present headwinds for the company. Specifically, we believe Legg is not as well positioned as peers for rising interest rates and an eventual rotation to equities from bonds.” Legg Mason closed on Wednesday at $34.39.